IIABNY Gathers in Albany for Legislative Event

With a leadership change in the New York State Senate and a looming multi-billion dollar budget deficit, this year’s legislative gathering hosted by the Independent Insurance Agents & Brokers of New York Inc. proves to be one of its most important.

The trade association’s two-day Capital Event, beginning Feb. 2 in Albany, will include IIABNY’s 39th Legislative, or L Day, offering representatives of IIABNY’s member agencies and brokerages the opportunity to meet with their respective legislators. Traditionally, more than 200 agents and brokers and approximately 150 legislators and their key staff members participate in L Day.

The timing could not be better. “We cannot solve our problems overnight,” Gov. David Paterson stated during his Jan. 7 State of the State address, “but we will solve them and we will craft a brighter, smarter future for New York.”

The state’s $12.5 billion budget deficit for fiscal year 2009-2010 requires across-the-board revenue-generating measures and spending cuts. Paterson’s budget, intended to meet the state’s “historic economic challenge,” would reportedly dramatically increase agent and broker licensing fines and fees. One instance would boost the penalty for acting with a lapsed license from $500 to $10,000. Other proposals would shift health insurance costs to the property and casualty industry.

The Governor addressed a New York State Legislature, where the two houses are now under Democratic majority control. The Senate had rested with the Republicans for more than four decades. “IIABNY will continue to work with leaders of both parties,” said Michael Barrett, the association’s legislative representative. Barrett noted that member agencies, petitioning their legislators on L Day would help the cause. “The agents’ presence on L Day has a huge impact on IIABNY’s legislative program.”

IIABNY’s agenda for 2009 includes such hot topics as producer compensation disclosure and developing a standard for windstorm deductible triggers in coastal areas. Additionally, the association supports changes in agents’ recourse for dishonored or "bounced" premium checks as well as updating state laws that pertain to advertising requirements, permissible gifts to and from insurance producers.

The first day of the Capital Event will offer workshops that focus on such topics as increasing the growth of an independent agency’s value as well as the insurance exposures and profitability of “green construction,” followed by networking opportunities and evening entertainment. L Day will take place on Feb. 3.

Further information on the Capital Event is available at www.iiabny.org/capitalevent